Many families in California face the prospect of foreclosure on their family home after diligently making payments sometimes for many years. The loss of one's home to foreclosure especially after making a substantial investment in one's home can be devastating. A loan modification is a process in which a home mortgage is modified by both the lender and homeowner and may include any of the following:
- Reduced interest rate
- Lowering of outstanding principal balance
- Fixing an adjustable rate
- Increasing the mortgage repayment term
- Waiver of payment defaults and fees
If you are behind on your payments on a mortgage loan, you will at some point receive a notice that you are delinquent and that the lender is initiating foreclosure proceedings. The lender will demand that the delinquent payments be made immediately to avoid foreclosure. This can be especially destructive in cases where a family has to deal with several months of back payments. Fortunately, a loan modification can be used to save a family's home and to stop foreclosure. The Shakoori Law Group can seek to have the terms of the loan modified so that the loan is easier to pay off. This requires making sure the loan becomes current and remains current moving forward. A loan modification will typically involve the delinquent payments being added to the outstanding loan balance so that the loan is current. This provides a family financial relief because their home is no longer be at risk of foreclosure if the current and future payments are made on a timely basis.
The availability of a loan modification may depend on the period of delinquency on the loan payments. Once a homeowner is at least three months delinquent on loan payments, a person may be eligible for a modification program. However, it is important to seek legal advice as soon as you realize that you are unable to make your mortgage payments. While some people are able to obtain a loan modification even when they are over a year behind on payments, it is better to begin negotiating a loan modification earlier in the process because the likelihood of success is greater.
Sometimes people have unanticipated financial crisis including loss of employment or sudden serious illness. The attorneys at Shakoori Law Group may even be able to help you obtain a loan modification prior to falling behind on your payments in the event of such an emergency. Our office will submit information regarding your pending emergency or financial crisis to establish that your will be unable to make future payments based on the same payment amount.
Whether you have a pending financial crisis that you believe will lead to your inability to make timely future mortgage payments or are currently delinquent on your mortgage, the Shakoori Law Group can help you save your home. We offer a no obligation free consultation so that we can assess your situation and advise you regarding the best strategy to protect your family's most important asset. The Shakoori Law Office is conveniently located in Santa Ana, California and assists clients throughout Southern California including but not limited to the following: Santa Ana, Tustin, Fullerton, Orange, Anaheim, Irvine, Newport Beach, Costa Mesa, Fountain Valley, Huntington Beach, Westminster, Garden Grove, Orange, Buena Park, Placentia, Yorba Linda, Irvine and throughout Los Angeles, Riverside and San Bernardino Counties. Call today for your no obligation free initial consultation 800-578-0922.